Financials Proya Cosmetics Co.,Ltd.

Equities

603605

CNE100002TP9

Personal Products

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
109.1 ^CNY	-0.93%		+5.31%	+9.76%

Apr. 18	Proya Cosmetics Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 01	Tranche Update on Proya Cosmetics Co.,Ltd.'s Equity Buyback Plan announced on December 14, 2023.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,722	35,799	41,872	47,484	39,438	43,045	-	-
Enterprise Value (EV) ¹	16,689	34,681	40,377	47,484	39,438	39,023	37,899	36,395
P/E ratio	44.9 x	75.1 x	74.1 x	58.4 x	33.5 x	28.6 x	23.8 x	19.5 x
Yield	0.67%	0.4%	0.41%	-	-	1.17%	1.4%	1.7%
Capitalization / Revenue	5.67 x	9.54 x	9.04 x	7.44 x	4.43 x	3.87 x	3.25 x	2.69 x
EV / Revenue	5.34 x	9.24 x	8.71 x	7.44 x	4.43 x	3.51 x	2.86 x	2.27 x
EV / EBITDA	32.7 x	53.9 x	52.6 x	-	25.9 x	19.3 x	15.6 x	12.4 x
EV / FCF	92 x	235 x	63.5 x	-	-	27.9 x	20.3 x	14.6 x
FCF Yield	1.09%	0.43%	1.57%	-	-	3.58%	4.92%	6.85%
Price to Book	8.74 x	15 x	14.6 x	-	-	8.07 x	6.38 x	5.22 x
Nbr of stocks (in thousands)	394,488	394,189	393,980	396,927	396,757	394,547	-	-
Reference price ²	44.92	90.82	106.3	119.6	99.40	109.1	109.1	109.1
Announcement Date	4/1/20	4/22/21	4/21/22	4/12/23	4/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,124	3,752	4,633	6,385	8,905	11,110	13,244	16,005
EBITDA ¹	510.9	642.9	767.3	-	1,525	2,021	2,435	2,931
EBIT ¹	461.6	555.1	671.4	1,058	1,503	1,902	2,312	2,776
Operating Margin	14.78%	14.79%	14.49%	16.56%	16.88%	17.12%	17.46%	17.34%
Earnings before Tax (EBT) ¹	456.2	547.6	667.8	1,054	1,495	1,894	2,309	2,784
Net income ¹	392.7	476	576.1	817.4	1,194	1,511	1,812	2,213
Net margin	12.57%	12.69%	12.43%	12.8%	13.41%	13.6%	13.68%	13.83%
EPS ²	1.000	1.209	1.434	2.050	2.970	3.813	4.581	5.598
Free Cash Flow ¹	181.4	147.5	635.6	-	-	1,399	1,864	2,494
FCF margin	5.81%	3.93%	13.72%	-	-	12.59%	14.07%	15.58%
FCF Conversion (EBITDA)	35.5%	22.94%	82.83%	-	-	69.21%	76.55%	85.08%
FCF Conversion (Net income)	46.19%	30.99%	110.32%	-	-	92.55%	102.84%	112.69%
Dividend per Share ²	0.3010	0.3674	0.4388	-	-	1.277	1.529	1.859
Announcement Date	4/1/20	4/22/21	4/21/22	4/12/23	4/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,918	1,621	1,254	1,372	2,626	1,336	2,423	3,760	1,622	2,005	3,627	1,622	3,656	5,278	2,182	2,530	1,970	4,548	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	252.1	244.5	206.4	195	458.4	220.4	435.8	656.1	282.2	385.6	655.4	345.1	520.5	828.3	395.7	489.7	402	694.9	-	-
Operating Margin	13.14%	15.08%	16.45%	14.22%	17.45%	16.49%	17.98%	17.45%	17.4%	19.23%	18.07%	21.28%	14.24%	15.69%	18.14%	19.36%	20.41%	15.28%	-	-
Earnings before Tax (EBT)	-	240.8	-	195	-	220.3	432.6	652.9	-	392.5	-	306.6	515.8	-	-	-	-	-	-	-
Net income	226.1	211.8	-	138.5	296.9	198.4	322.1	520.5	-	291.5	499.5	246.5	447.9	-	-	-	-	-	-	-
Net margin	11.79%	13.07%	-	10.1%	11.31%	14.85%	13.29%	13.84%	-	14.53%	13.77%	15.2%	12.25%	-	-	-	-	-	-	-
EPS ²	-	0.5102	0.3980	0.3500	-	0.5000	0.8071	1.307	0.5214	0.7186	-	0.6100	1.120	-	0.7500	0.9400	0.7800	1.315	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.145	-	-	-	1.422
Announcement Date	8/24/21	4/21/22	4/21/22	8/25/22	8/25/22	10/27/22	4/12/23	4/12/23	4/20/23	8/29/23	8/29/23	10/24/23	4/18/24	4/18/24	4/18/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,033	1,117	1,495	-	-	4,022	5,146	6,650
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	181	147	636	-	-	1,399	1,864	2,494
ROE (net income / shareholders' equity)	21.1%	19.8%	21.9%	-	-	29.2%	28.2%	27.5%
ROA (Net income/ Total Assets)	13.4%	9.96%	13.9%	-	-	18.5%	18.9%	18.9%
Assets ¹	2,920	4,779	4,135	-	-	8,176	9,586	11,719
Book Value Per Share ²	5.140	6.060	7.300	-	-	13.50	17.10	20.90
Cash Flow per Share ²	0.6000	-	2.060	-	-	4.110	5.170	6.120
Capex ¹	164	184	194	-	-	234	250	240
Capex / Sales	5.24%	4.91%	4.19%	-	-	2.11%	1.89%	1.5%
Announcement Date	4/1/20	4/22/21	4/21/22	4/12/23	4/18/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Proya Cosmetics Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

109.1 CNY

Average target price

134 CNY

Spread / Average Target

+22.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Cosmetics & Perfumes

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Cosmetics & Perfumes